WESCO International income slides 23.4 percent
WESCO International reported that net income of $36.0 million for the current quarter was down 23.4% from $47.0 million for the prior year quarter.
Sales for the first quarter of 2016 were $1.77 billion, compared to $1.81 billion for the first quarter of 2015, a decrease of 2.2%.
Normalized organic sales decreased 6.7%; foreign exchange rates negatively impacted sales by 2.6%, and were partially offset by the positive impacts from acquisitions and number of workdays.
Earnings per diluted share for the quarter of 2016 was 77 cents per share, compared to 90 cents in the first quarter of 2015.
"In line with our expectations, our first quarter sales declined 2%, reflecting continued weakness in commodity-driven end markets and foreign exchange headwinds," said John J. Engel, WESCO's chairman, president and CEO. "Organic sales were down 7%, with the U.S. and Canada down 6% and 11%, respectively.